NZD/USD runs into 2016 rising trend line hurdle

NZD/USD strengthened for the fourth straight session but failed to take out the rising trend line hurdle drawn from Jan 20 low and May 30 low.

Nears 4-hour 200-MA

The pair neared the 4-hour 200-MA level of 0.7153 before trimming gains slightly to trade around 0.7140.

RBNZ’s Wheeler, while speaking in the Parliament, said the CPI could be back in target band just over 1%, but also cautioned about the negative impact of growing global protectionism.

However, the markets did not react to Wheeler’s comments. The focus today is on the US ADP employment report and personal spending report.

NZD/USD Technical Levels

A break above 4-hr 200-MA level of 0.7153 would expose 0.7193 (100-DMA), above which the spot could target 0.7266 (Oct 20 high). On the lower side, breach of support at 0.7124 (session low) would open doors for a sell-off to 0.7076 (5-DMA) and 0.7054 (10-DMA).